Ex-Crystal & Co. CFO Launches Venture Fund to Modernize Insurance

Jonathan Crystal, a longtime insurance operator turned solo GP, today announced the close of Crystal Venture Partners $33 million Fund I. The firm brings deep domain expertise and high-conviction capital to back founders building the technology that powers insurance, risk, and resilience.  

Crystal Venture Partners is a specialist venture capital firm focused on early-stage companies operating in complex, highly regulated markets, where smarter, more resilient technology cis driving  transformational change. The firm targets sectors where trust is paramount and the cost of failure is high, from insurance and financial services to healthcare and emerging risk categories.

As risk accelerates and traditional technologies fall short, AI has created a moment for foundational change. Crystal Venture Partners was built for this shift, backing founders with the vision and discipline to modernize how essential industries operate.  

“The development of generative AI has created an opportunity to transform one of the largest industries in the world,” said Jonathan Crystal, Founder and Managing Partner at Crystal Venture Partners. “At a time when technological change and shifts in global financial markets are reshaping the entire landscape of risk, we see the chance to deploy the capital, insight, and connectivity we’ve gained from two decades in the insurance sector to back founders building extraordinary companies.”

Crystal Venture Partners has already made six investments out of Fund I: Sixfold, WithCoverage, Advance, Bright Harbor, Novella, and Charter. Each investment builds on Jonathan’s track record as an operator and early-stage investor. The firm plans to invest in 15 companies from Fund I, providing long-term support across go-to-market, regulatory strategy, executive hiring, and positioning.

Turning Industry Insight into Investment Edge

Before launching Crystal Venture Partners, Jonathan spent over 20 years inside the insurance industry, operating and ultimately selling a national brokerage. That lens gives him rare insight into the systems that govern risk and regulation and the gaps founders are now racing to close.

“Jonathan sees around corners most investors miss,” said Alex Schmelkin, Founder of Sixfold. “He’s helped us navigate complexity with more clarity and pushed us to think bigger about our long-term impact. You can’t fake domain expertise in markets like ours. Jonathan brings the kind of insight and pattern recognition that actually changes how you build.”

Jonathan’s track record as an early investor includes Flyreel (acquired by LexisNexis in 2022) and Corvus (acquired by Travelers in 2024), reinforcing his ability to identify category-defining companies in complex, risk-driven markets. 

Credibility at the Core

Crystal Venture Partners’ LP base includes senior executives from global insurers, GPs from top venture and growth funds, and family offices with domain expertise, many of whom had worked with Jonathan previously. These LPs contribute capital and bring strategic alignment, sector expertise, and longstanding relationships that will help portfolio companies scale.  

“Jonathan brought insurance expertise that perfectly complemented our product and technology backgrounds,” said JD Ross, Co-Founder of WithCoverage. “He helped us make sense of a complex industry, pressure-test our approach, and build trust with stakeholders we couldn’t have reached on our own. That kind of partner is rare, especially at the earliest stages.” 

Together with its network of LPs and partners, Crystal Venture Partners was built to give founders a strategic edge, combining real-world experience and aligned capital at a time when trusted infrastructure is being reimagined.